DOA Sec. Huebsch informed Governor Walker today that the Dept. of Revenue projects a revenue increase of $265 million. In February LFB reduced estimates for general fund tax collections by $272.8 million. DOR has informed DOA that the general fund tax collections, through April, for fiscal years 2011-12 and 2012-13 are projected to be higher than the LFB February estimates. DOR currently projects $13,388,000,000 in 2011-12 and $13,675,200,000 in 2012-13 for a total of $265 million over the February estimates.
In addition to the increased projected revenue, DOA has completed the structural refunding authorized in the budget and other debt refinancing. The projected savings are $78 million over the biennium. The two combined results in an estimated general fund closing net balance for 2012-13 of$89.5 million. When the budget was signed the ending balance was estimated to be $9.4 million. With a projected ending balance of $89.5 million Sec. Huebsch says, “the potential shortfall previously identified by LFB in February is not projected to occur.”
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